S&P rates Nokia loan BB+

Standard & Poor’s said it assigned its BB+ issue rating to the €1.5 billion revolving credit facility maturing in 2018 and borrowed by Nokia Corp. (BB+/positive/B)

At the same time, S&P affirmed the BB+ issue rating on Nokia’s senior unsecured notes.

The recovery rating on Nokia’s revolver and senior unsecured notes is 4, indicating an expectation of average recovery in the higher half of the 30%-50% range in the event of a payment default. Recovery prospects are primarily constrained by the sizable amount of pension deficit and receivables factoring, which S&P excludes from its estimate of Nokia’s stressed enterprise value.

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